Solid 3Q Offset by Holiday-Quarter Pressures at Kohl's; Shares Fairly Valued
No-moat Kohl’s posted a solid third quarter, delivering comp growth of 2.5%, a sales increase of 1.3%, and earnings per share growth of 40% to $0.98, ahead of our $0.93 estimate. The company also raised the low end of its full-year EPS guidance, which is now $5.35-$5.55 up from $5.15-$5.55, ahead of our $5.33 prior full-year estimate. However, the updated outlook implies Kohl’s will experience slowing comps to below 1% (from more than 3% in the past three quarters, lapping a robust 6% comp) and ...Kohl's operates department stores, a website (www.Kohls.com), FILA outlets, and Off-Aisle clearance centers. The company's Kohl's stores and website sell proprietary and national brand apparel, footwear, accessories, beauty and home products. The company's website includes merchandise that is available in its stores, as well as merchandise that is available only online. The company's portfolio includes private brands such as Apt. 9, Croft & Barrow, Jumping Beans, SO and Sonoma Goods for Life and exclusive brands that are developed and marketed through agreements with brands such as Food Network, LC Lauren Conrad, Elle and Simply Vera Vera Wang.
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